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复旦微电(688385):盈利能力持续提升 高可靠业务放量带动业绩高增

Fudan Micro Power (688385): continuous improvement of profitability, high reliable business volume leads to high performance

華創證券 ·  Aug 16, 2022 00:00  · Researches

Items:

On August 15, 2022, the company released its half-yearly report for 2022:

1) 2022H1: operating income 1.702 billion yuan, year-on-year + 50.83%; gross profit 65.00%, year-on-year + 9.77pct; net profit 531 million yuan, + 172.99%; net profit after deduction is 519 million yuan, + 220.88%; 2) 2022Q2: operating income 927 million yuan, year-on-year + 47.85%; gross profit 66.18%, year-on-year + 7.67pct The net profit of returning to the mother was 298 million yuan, + 175.68% compared with the same period last year, and the net profit of deducting non-return was 293 million yuan, + 223.28% compared with the same period last year.

Comments:

The performance continues to grow high, and the rapid expansion of highly reliable business leads to a significant improvement in the company's profitability. The company's 2022Q2 realized operating income of 927 million yuan, + 47.85% compared with the same period last year, and + 19.43% compared with the previous year. From the perspective of business, the business income of security and identification chip of 22Q1/22Q2 is 2150.246 million yuan, month-on-month ratio + 14.4%, non-volatile memory business income is 246pm, month-on-month income is-2.0%, smart meter chip business income is 102pm, month-on-month income is + 70.6%, respectively. The income of FPGA and other chip businesses is respectively 171 million yuan, month-on-month + 21.1%. Under the improvement of product structure, the company's 2022Q2 gross profit margin is 66.18%, year-on-year + 7.67pct, month-on-month + 2.59pct. We believe that highly reliable business will be the main driver of the company's performance in the future, while business breakthroughs such as MCU will continue, and the company's future performance is expected to maintain high growth.

The company's FPGA chip technology continues to make breakthroughs and is expected to continue to benefit from the strong demand downstream. The company is the earliest manufacturer to launch billion-level FPGA products in China, and the products continue to sell. As of mid-2022, the company has cumulatively sold related FPGA products to more than 500 customers. Considering that the sales revenue of 2022H1 FPGA and other products is only 378 million yuan, we think that the company's FPGA products are still in the early stage of volume, and future revenue is expected to maintain high growth. Historically, the gross profit margin of the company's highly reliable products is more than 90%, the company continues to make breakthroughs in technology, products continue to cut into new areas, and revenue volume is expected to lead to high performance growth.

The product structure has been continuously optimized and upgraded, and the company's non-volatile memory, MCU and other businesses have benefited significantly. In 2021, some material numbers of the company's three major product lines of safety and identification chip, non-volatile memory and MCU have been cut into the field of automotive electronics, which fully shows that the technological advantages accumulated by the company over the years are beginning to appear. Among them, MCU product line products expand well in intelligent hydrothermal meters, smart homes, Internet of things applications and other scenarios, and are making efforts to open up the automotive electronics market, the company's first car specification-level MCU has completed the AEC-Q100 assessment and entered the market promotion, and is expected to enter the mass production stage in the second half of 2022. In the long term, the company will seize the opportunity to actively open up the market and new customers, the product structure and customer structure will be continuously optimized and upgraded, and the future performance is worth looking forward to.

Investment advice: as a veteran IC design company, the company continues to benefit from the high prosperity of the industry, while FPGA has entered the harvest period. We estimate that the return net profit of the company from 2022 to 2024 is 10.01max 1.370max RMB 1.762 million, corresponding to EPS 1.23max 1.68max 2.16RMB. With reference to the industry comparable company valuation and the company's own performance growth, and considering that the company's profits are affected by equity incentive fees, we maintain a "strong push" rating of 60 times PE in 2022, corresponding to the target price of 73.74 yuan per share, and a "strong push" rating of 60% on the company's AH shares, that is, 36 times PE in 2022, corresponding to the target price of 51.43 Hong Kong dollars per share.

Risk tips: downstream demand is not as expected; new product launches are not as expected; capacity support is not as expected.

The translation is provided by third-party software.


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